In a remarkable development for climate technology, Nottingham-based Promethean Particles has successfully secured £8 million (approximately €9.31 million) in a new round of funding. This significant investment was led by Mercia Ventures and Aramco Ventures, with notable contributions from existing investors such as the Midlands Engine Investment Fund I, managed by Foresight, the University of Nottingham, TSP Ventures, and the East Midlands Early Growth Fund, managed by the British Business Bank.
Promethean Particles, a leader in advanced materials, is at the forefront of developing metal-organic frameworks (MOFs) designed to tackle climate change. These sophisticated materials, known for their porous structures, are pivotal in capturing carbon, upgrading biogas, harvesting water, and storing gases. The company’s proprietary continuous-flow reactor enhances the efficiency of MOF production, reducing costs and boosting reliability.
With the new funds, Promethean plans to expand its manufacturing capabilities, grow its workforce, and accelerate projects that showcase the transformative potential of MOFs in the energy transition. The company operates the world’s largest MOF production plant in Nottingham, boasting a capacity of 1,000 tonnes annually.
James Stephenson, CEO of Promethean, expressed enthusiasm about the funding, stating, “The successful closure of our Series A round marks a significant milestone in our company’s evolution. We are thrilled to welcome Mercia and Aramco Ventures to our team and are grateful for the confidence they have shown in our vision. This investment underscores the critical need for effective carbon capture solutions and validates our commitment to providing cutting-edge, scalable technology.”
Dr. Marina Fuentes, Investment Manager at Mercia Ventures, praised Promethean’s innovative approach: “Promethean is strategically positioned to lead in the growing MOF market. Their advanced manufacturing technology addresses key challenges related to cost and scalability, setting the stage for commercial success.”
Bruce Niven, Head of Strategic Venturing at Aramco Ventures, added, “MOFs represent a revolutionary class of materials with diverse applications, particularly in the energy transition sector. Promethean’s ability to scale MOF production cost-effectively is crucial for unlocking their full potential and achieving widespread adoption.”
Editorial Opinion
Promethean Particles stands out not only for its technological prowess but also for its potential to drive significant advancements in carbon capture and environmental sustainability. The company’s innovative use of metal-organic frameworks represents a leap forward in tackling climate change, with MOFs offering a more energy-efficient and scalable solution compared to traditional methods.
The strategic direction taken by Promethean, focusing on large-scale production and cost reduction, aligns perfectly with the urgent need for effective climate solutions. The backing from leading investors like Mercia Ventures and Aramco Ventures further validates the company’s approach and highlights its role as a pioneer in the industry.
As global efforts intensify to mitigate climate change impacts, Promethean Particles’ advancements could become a cornerstone in the broader push towards a sustainable future. Their work not only addresses immediate environmental concerns but also paves the way for long-term innovations in energy and resource management.
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